El IRS Introduces Withdrawal Process for Employee Retention Credit Claims

In a bid to safeguard small businesses and organizations from scams, the Internal Revenue Service (IRS) has revealed the specifics of a unique withdrawal process. This initiative aims to assist those who have lodged an Employee Retention Credit (ERC) claim and harbor concerns regarding its accuracy.

A New Withdrawal Option for Concerned Employers

This fresh withdrawal option allows certain employers who have filed an ERC claim, but have yet to receive a refund, to withdraw their submission. This proactive step helps to prevent future refunds, interests, and penalties.

Employers who have filed an ERC claim that is still being processed can withdraw their claim. This action eliminates the possibility of receiving a refund for which they are not eligible.

The IRS is committed to protecting businesses from aggressive marketing and scams. This special initiative is designed to help businesses concerned about an ineligible claim.

For more information, visit the IRS website.